DHAHRAN, Saudi Arabia (Reuters) - Saudi Aramco will sign this week 30 agreements worth about $25 billion (19.50 billion pounds) with local and foreign companies as part of a drive to expand the kingdom’s industrial base and manufacture a bigger share of products domestically, an Aramco executive said on Sunday.
The agreements will be signed on the sidelines of Aramco’s In-Kingdom Total Value Add Program (IKTVA), which will take place on Monday and Tuesday.
IKTVA is a plan outlined by the state oil giant a few years ago, aimed at doubling the percentage of locally produced energy-related goods and services to 70 percent of the total spent by 2021.